French oil company TotalEnergies will provide industrial property developer KCN Vietnam with solar panels which are expected to help the Southeast Asian country cut 23,390 metric tons of carbon dioxide emissions per year, according to Nikkei Asia.
The deal will put 280,000 square meters of solar panels on factory and warehouse roofs in southern Dong Nai Province, pumping out 51 gigawatt-hours of electricity a year, KCN said in a Tuesday news release that did not give a price tag.
TotalEnergies will operate the photovoltaics for 20 years, cutting 23,390 metric tons of carbon dioxide emissions per year, KCN said.
“We have been looking for a reliable and experienced partner to help provide clean energy to our tenants,” Nikkei Asia quoted KCN CEO Huynh Buu Tran as saying.
“It has been a long journey, but we finally signed the [memorandum of understanding] with TotalEnergies.”
Vietnam previously pledged to reach its net-zero carbon emissions target by 2050 at the UN Climate Change Conference (COP26) in the UK last year, which requires the country to have a strategy to ensure national energy security and limit carbon emissions in the long run.